COMMODITY VALUES

Wanganui Chronicle, Volume 73, Issue 427, 19 November 1930, Page 9

COMMODITY VALUES

WIDESPREAD IMPROVEMENT The prices, ruling for the industrial and precious metals, certain rnw materials and foodstuffs toward the end of last week compared with the prices of a month ago, show almost general improvement, only a few items showing a backward movement. Dealing first with the metals, the position is as under:—

Copper shows a remarkably sharp rise of £6 8s 14d per ton, and is due to the announcement that 90 per centof the world’s producers have agreed to limit production by 2000 tons per month, which is equal to the excess of current production over consumption. But apart from this artificial advance, the metal was quoted on November 10 at £44 9s 4Jd, so that on the normal movement there was an upward trend. Lead remains stationary over the month; spelter is slightly higher, and tin is up £2 Is 3d per ton. Gold shows a rise of lid per ounce, and it would have been much pleasanter, to have had to record a fall, because the improvement means that there is still a scramble for gold, and the appreciation in the value of the metal tends to depreciate the value of commodities. Of the six metals quoted four show advances, one discloses no movement, and only silver shows a slight decline. Subjecting a few of the raw materials to the same comparison, we get the following:—

Of the six items given above, only jute shows a retrograde movement, while all the others wow improvement, even rubber, which has been very much depressed, appears to .•avo reached a stage of comparative stability. Foodstuffs do not snow to the same advantage, as will be seen by the tabic appended:—

Of the six items quoted above only New Zealand cheese and Continental beet sugar show advances, all the others having receded slightly during the month.

Surveying the movements of commodity prices as a whole, it is somewhat significant that there should be such general improvement in industrial metals and raw materials. If there is anything to be deduced from this it is that commodity values have ceased their depressing downward trend, and are now unlikely to go lower. Users of the metals and raw materials obviously believe that the bottom of values has been reached, and are now operating in anticipation of an advance.

Mid-Oct. £ s. d. Mid-Nov. £ s. d. Copper, spot, ton 42 18 49 6 3 Lead, spot, ton 16 0 0 16 0 0 Spelter, spot ton 14 15 0 14 18 9 Tin, spot, ton . 113 1 3 115 2 6 Gold, line, oz . . 4 4 Hi 4 5 GJ Silver, fine, oz . 0 16 0 1 5J

MidOct Mid-Nov. £ s. d. £ s. d. Cotton, lb . 5.49 5.92 Rubber, lb 5i 6 Jute, ton . . . 16 7 6 16 2 6 Copra, ton . . 15 5 0 15 6 Linseed oil, ton 26 10 0 27 0 0 Turpentine cwt 1 .13 9 1 14 9

MidOct. Mid-Nov. £ s. <1. £ s. d. Wheat, Chicago . . 77J cents 73i cents Wheat, Melbourne 2 11 2 10$ Butter, N.Z. salted 5 15 0 5 12 0 Cheese, N-Z. . . . 3 32 6 3 14 6 Lamb 8$ Mutton, 48/561b .. 5J Beet sugar, cwt . . 5 01 5 4i